CBDT Extends ITR Filing Due Date for Corporates for AY 2024-25

CBDT extends ITR due date 2024: The Central Board of Direct Taxes (CBDT) has announced that the deadline for filing Income Tax Returns for the Assessment Year 2024-25 has been pushed back. This is good news for taxpayers.

A notice under section 119 of the Income-tax Act, 1961, says that the limit for people who are mentioned in clause (a) of Explanation 2 to sub-section (1) of section 139 has been pushed back from October 31, 2024, to November 15, 2024.

Now, businesses have until November 15, 2024, to send in their income tax reports.

Sandeep Jhunjhunwala, a tax partner at Nangia Andersen LLP, said that this extension would not affect the Tax Audit Report, Form 3CEB's transfer price certification, or other income tax forms like Form 10DA. These forms would still have to be turned in by October 31, 2024.

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Jhunjhunwala also said, "This targeted extension is meant to make compliance easier during a busy time while still requiring timely submission of important audit documentation."

The CBDT's action is in line with its ongoing efforts to improve taxpayer compliance and give people enough time to meet their responsibilities.

Tax audit reports had to be turned in by September 30, but the CBDT pushed the deadline back by 7 days to October 7.

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